Eastern Iowa Formalwear Store Declares Bankruptcy
The latest "brick and mortar" retail store chain to run into financial troubles has declared bankruptcy just in time for the holidays. But it won't effect customers immediately.
David's Bridal, a popular seller of prom and wedding formalwear with Eastern Iowa locations in Marion and Davenport, needs to pay down more than $400 million in debt, and will begin restructuring its business. They will continue to remain in business during this "restructuring" with none of their 300 locations in the United States, Canada, U.K. or Mexico expected to be closed or liquidated at this time. Online sales will continue and pending and future orders will continue to be honored.
As odd as it is to say, reports are that falling marriage rates might have contributed to the decline in business of David's Bridal in addition to, you guessed it, online shopping. Increased competition in a small, specialized segment of the retail industry also leads to a smaller piece of it for all those involved.